Looking a personal loan? Consider these few tips before you apply for it

Looking a personal loan? Consider these few tips before you apply for it

We all come across sudden expenses in life, and we have to run pillar to posts arrange finance. These emergencies could be anything such as a sudden medical emergency, cash crunch in a marriage, house expansion, repair or maintenance, etc. It might leave you financially stressed. At this point of time, a personal loan comes as a big relief that will help you meet your financial expenses in quick turnaround time. These are an unsecured form of loans with attractive interest rates compared to other conventional forms of loans.

Other than this, whether you wish to shop during this festive season, celebrate with your family or go on a vacation with them don't let your finances hold you to fulfill your financial goals. With easy documentation process and quick sanction, personal loans can be your ideal friend when you need to bridge up the financial gap. And in this digital era, you will get speedy loan approval and disbursal in 1-2 working days. There are top aggregator sites that will help you to compare apple-to-apple from reputed banks and non-banking finance in terms of principal amount, interest rate, processing fee, repayment tenure and more. You can apply for personal loan india online up to Rs 30 lakhs, and opt for attractive interest rates starting at just 10.99% as per your repaying capacity. You can choose flexible repayment tenure of 12-60 months, and choose an affordable EMI to repay the loan.

There are a lot of players out there in the market, and many times people don't know how to apply for a personal loan, It's eligibility and some jargons associated with it. So, here are few things to consider before you apply for a personal loan:Compare Banks and Financial institutes: Before you zero in on any particular lender, you should compare quotes from reputed banks and NBFCs. Go through the details like interest rate, the principal amount offered eligibility criteria, fees, charges, terms and conditions before you select any particular loan provider.

Credit Score: It plays an important role in Apnapaisa personal loan sanction. A good credit score means you're a responsible borrower, and you repay your debt on time. A credit score of around 700 and above is considered to negotiate with the lenders to find a suitable loan deal. To know your CIBIL score, you can visit any of the aggregator site app or websites.

Documentation: In prior days, people had to move around with huge files to get the personal loan approved. However, in this digital era, the documentation is also easy and convenient. You can submit your income details, company details, KYC - identity proof, residence proof, and other necessary documents by uploading a scanned copy online.

Lenders will evaluate your request, and let you know the status in a couple of minutes. Thus, right from the cozy corner of your homes or offices you can apply for a loan, get it e-sanctioned and disbursed in no time. No more embarrassment of verification officer visiting at your doorstep.

Annual Percentage Rate: Your APR is an important factor that will decide the costs of the loan per the annual interest rates. A lower APR will help you pick affordable loan EMIs

Additional charges: Other than the interest rates, you can check the processing fee, prepayment or foreclosure charges, late penalty charges, etc. These charges will influence the total costs of your personal loan.